Table 7 The impact of IA on firm value...

Table 7

The impact of IA on firm value (only hospitality firms)

	OLS	10th quant (Q10)	25th quant (Q25)	50th quant (Q50)	75th quant (Q75)	90th quant (Q90)
PIA	0.6463	0.2085***	0.1800**	0.1639	0.3478	1.1324
PIA	(0.5477)	(0.0799)	(0.0758)	(0.1220)	(0.2573)	(1.1551)
SIZE	−0.0483	0.0144	0.0204**	0.0178**	−0.0343**	−0.1433***
SIZE	(0.0317)	(0.0091)	(0.0083)	(0.0090)	(0.0150)	(0.0494)
CR	0.0148	0.0095***	0.0023	0.0132	0.0415**	0.0794
CR	(0.0169)	(0.0031)	(0.0071)	(0.0122)	(0.0188)	(0.0508)
SGR	0.0016	−0.0002	−0.0008	0.0001	0.0006	0.0017
SGR	(0.0028)	(0.0007)	(0.0010)	(0.0020)	(0.0027)	(0.0033)
Zscore	−0.0103	0.0024	0.0161*	0.0067	−0.0311*	−0.0726*
Zscore	(0.0184)	(0.0060)	(0.0089)	(0.0084)	(0.0169)	(0.0433)
LEV	−0.0043	−0.0021	−0.0053	−0.0019	0.0063	−0.0158
LEV	(0.0143)	(0.0060)	(0.0070)	(0.0131)	(0.0205)	(0.0296)
ROA	0.0478	0.0158***	0.0230***	0.0335***	0.0346***	0.0293
ROA	(0.0295)	(0.0047)	(0.0053)	(0.0081)	(0.0092)	(0.0201)
GFC	−0.0431	−0.0189	−0.0523	−0.0909*	−0.1743	−0.3165
GFC	(0.1031)	(0.0250)	(0.0322)	(0.0506)	(0.1102)	(0.5065)
CoC	0.4842	0.0781**	0.1563***	0.2328***	0.1982	0.4351
CoC	(0.2988)	(0.0397)	(0.0519)	(0.0619)	(0.1298)	(0.6387)
Constant	1.1069***	−0.0568	−0.0265	0.1567	1.1035***	2.9133***
Constant	(0.3665)	(0.1089)	(0.0975)	(0.1092)	(0.2040)	(0.6870)
R²/Pseudo R²	0.1880	0.0757	0.0861	0.0974	0.0811	0.0736
N. of obs	629	629	629	629	629	629

	OLS	10th quant (Q10)	25th quant (Q25)	50th quant (Q50)	75th quant (Q75)	90th quant (Q90)
PIA	0.6463	0.2085***	0.1800**	0.1639	0.3478	1.1324
PIA	(0.5477)	(0.0799)	(0.0758)	(0.1220)	(0.2573)	(1.1551)
SIZE	−0.0483	0.0144	0.0204**	0.0178**	−0.0343**	−0.1433***
SIZE	(0.0317)	(0.0091)	(0.0083)	(0.0090)	(0.0150)	(0.0494)
CR	0.0148	0.0095***	0.0023	0.0132	0.0415**	0.0794
CR	(0.0169)	(0.0031)	(0.0071)	(0.0122)	(0.0188)	(0.0508)
SGR	0.0016	−0.0002	−0.0008	0.0001	0.0006	0.0017
SGR	(0.0028)	(0.0007)	(0.0010)	(0.0020)	(0.0027)	(0.0033)
Zscore	−0.0103	0.0024	0.0161*	0.0067	−0.0311*	−0.0726*
Zscore	(0.0184)	(0.0060)	(0.0089)	(0.0084)	(0.0169)	(0.0433)
LEV	−0.0043	−0.0021	−0.0053	−0.0019	0.0063	−0.0158
LEV	(0.0143)	(0.0060)	(0.0070)	(0.0131)	(0.0205)	(0.0296)
ROA	0.0478	0.0158***	0.0230***	0.0335***	0.0346***	0.0293
ROA	(0.0295)	(0.0047)	(0.0053)	(0.0081)	(0.0092)	(0.0201)
GFC	−0.0431	−0.0189	−0.0523	−0.0909*	−0.1743	−0.3165
GFC	(0.1031)	(0.0250)	(0.0322)	(0.0506)	(0.1102)	(0.5065)
CoC	0.4842	0.0781**	0.1563***	0.2328***	0.1982	0.4351
CoC	(0.2988)	(0.0397)	(0.0519)	(0.0619)	(0.1298)	(0.6387)
Constant	1.1069***	−0.0568	−0.0265	0.1567	1.1035***	2.9133***
Constant	(0.3665)	(0.1089)	(0.0975)	(0.1092)	(0.2040)	(0.6870)
R²/Pseudo R²	0.1880	0.0757	0.0861	0.0974	0.0811	0.0736
N. of obs	629	629	629	629	629	629

Note(s): The dependent variable is the firm value (TobinsQ). ***, ** and * stand for significance levels at 1%, 5%, and 10%. The numbers in parentheses are BSEs, except for the 1st column, robust SEs in column (1) and BSEs in columns (2) – (6)

Source(s): Own elaboration

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